SEC issued a new Memorandum
In it the regulator has expressed doubt that the command of the messenger, in principle, prepared to launch the revolutionary blockchain in the form in which it was promised to investors.
In the new Memorandum, the regulator says: not the fact that TON, according to the developers, ready, because there's no proof. Moreover, even if something Telegram and ready, most likely, the product will not match the promises of the developers from white paper and other documents that are offered to investors. SEC this conclusion is made based on the opinions of experts.
Investors Telegram, spoke The Bell, I believe in the success of TON and are confident that the blockchain will be ready in time. That investors are not disappointed in the project, speak and vote, which Telegram held in October: the majority of individual investors and the funds agreed with the postponement of the launch in April and did not demand the return of their money.
https://thebell.io/sec-zasomnevalas-v-sposobnosti-telegram-zapustit-revolyutsionnyj-blokchejn/
Full version Memorandum in English document on @infoton
#TON #crypt #courts
Translated using Yandex.API
In it the regulator has expressed doubt that the command of the messenger, in principle, prepared to launch the revolutionary blockchain in the form in which it was promised to investors.
In the new Memorandum, the regulator says: not the fact that TON, according to the developers, ready, because there's no proof. Moreover, even if something Telegram and ready, most likely, the product will not match the promises of the developers from white paper and other documents that are offered to investors. SEC this conclusion is made based on the opinions of experts.
Investors Telegram, spoke The Bell, I believe in the success of TON and are confident that the blockchain will be ready in time. That investors are not disappointed in the project, speak and vote, which Telegram held in October: the majority of individual investors and the funds agreed with the postponement of the launch in April and did not demand the return of their money.
https://thebell.io/sec-zasomnevalas-v-sposobnosti-telegram-zapustit-revolyutsionnyj-blokchejn/
Full version Memorandum in English document on @infoton
#TON #crypt #courts
Translated using Yandex.API
the hearings on the suit of the regulator to Telegram rescheduled for February 19
Federal court for the southern district of new York seized the Commission on securities and stock exchanges of the USA to the company Telegram Group Inc., postponed hearings on this case on February 19. This is evidenced by the materials submitted to the electronic database of the court.
Schedule court adjusted due to the fact that on 10 February, a ceremony of farewell to Federal judge Deborah Batts.
tass.ru/obschestvo/7718085
#courts
Translated using Yandex.API
Federal court for the southern district of new York seized the Commission on securities and stock exchanges of the USA to the company Telegram Group Inc., postponed hearings on this case on February 19. This is evidenced by the materials submitted to the electronic database of the court.
Schedule court adjusted due to the fact that on 10 February, a ceremony of farewell to Federal judge Deborah Batts.
tass.ru/obschestvo/7718085
#courts
Translated using Yandex.API
👍2
the court for the southern district of new York has banned the transfer of tokens Gram buyers
https://tginfo.me/ton-vs-sec-2-2/
#ton #courts
Translated using Yandex.API
https://tginfo.me/ton-vs-sec-2-2/
#ton #courts
Translated using Yandex.API
Skadden letter to Court March 27, 2020.pdf
149.1 KB
A lawyer for the company, protecting the interests of the Telegram, Alex Drylewski, filed a request for clarification of the court's position.
To run a TON outside US jurisdiction it is important to clarify whether the prohibition of an agreement TON with investors outside the us jurisdiction.
He noted that more than 70% of the funds raised in TON received from investors located outside of U.S. jurisdiction.
#TON #courts
Translated using Yandex.API
To run a TON outside US jurisdiction it is important to clarify whether the prohibition of an agreement TON with investors outside the us jurisdiction.
He noted that more than 70% of the funds raised in TON received from investors located outside of U.S. jurisdiction.
#TON #courts
Translated using Yandex.API
SEC letter to court March 30, 2020.pdf
200.9 KB
SEC petitioned New York court
The SEC respectfully asks the court to reject Telegram’s attempt to limit the scope of the injunction only to the United States and recognize the ban on the distribution of tokens among individuals and legal entities of any jurisdiction.
#courts
The SEC respectfully asks the court to reject Telegram’s attempt to limit the scope of the injunction only to the United States and recognize the ban on the distribution of tokens among individuals and legal entities of any jurisdiction.
#courts
Skadden letter March 31.pdf
162.4 KB
The lawyer sent a Telegram letter to the US court in which he responded to claims by the SEC, and indicated that the SEC incorrectly interpreted the law and history, and noticed that the company has the authority to clarify the scope of the injunction, citing examples of candidates in American jurisprudence.
Telegram claims that the preliminary injunction could not apply to agreements with foreign investors, who are outside the United States, as attracted by a foreign Issuer, the foreign investor, and acts of foreign law.
The securities laws may not apply to these transactions. Claiming the opposite, the SEC is seeking improperly to spread Federal securities laws for foreign transactions, where the only conceivable connection to the US is the probability that the instruments can be purchased by buyers in the United States in the future.
In accordance with the prohibitions Telegram acknowledges the ban on the delivery Gram buyers in the United States.
#courts
Translated using Yandex.API
Telegram claims that the preliminary injunction could not apply to agreements with foreign investors, who are outside the United States, as attracted by a foreign Issuer, the foreign investor, and acts of foreign law.
The securities laws may not apply to these transactions. Claiming the opposite, the SEC is seeking improperly to spread Federal securities laws for foreign transactions, where the only conceivable connection to the US is the probability that the instruments can be purchased by buyers in the United States in the future.
In accordance with the prohibitions Telegram acknowledges the ban on the delivery Gram buyers in the United States.
#courts
Translated using Yandex.API
in the United States Court refused Telegram in the explanation of the ban on the transfer of tokens and it's not a joke
Judge for the southern district of new York Kevin castle otklonil the request Telegram the lifting of the temporary ban on the issuance of tokens Gram for non-us investors. It is not convinced by the assurances of the defendant that the coins will not fall into the hands of US residents on the secondary market.
The judge noted that the lawyers of the company a few months ago, I was made aware of the provisions of a possible ban on the transmission of tokens, but do not bother to seek clarification or to challenge any points. As suggested by Castel, Telegram cannot guarantee that the Gram buyers outside the USA will not sell tokens to American investors.
#TON #courts
Translated using Yandex.API
Judge for the southern district of new York Kevin castle otklonil the request Telegram the lifting of the temporary ban on the issuance of tokens Gram for non-us investors. It is not convinced by the assurances of the defendant that the coins will not fall into the hands of US residents on the secondary market.
The judge noted that the lawyers of the company a few months ago, I was made aware of the provisions of a possible ban on the transmission of tokens, but do not bother to seek clarification or to challenge any points. As suggested by Castel, Telegram cannot guarantee that the Gram buyers outside the USA will not sell tokens to American investors.
#TON #courts
Translated using Yandex.API
TON will develop in spite of a court ban on the distribution of tokens
on 7 may, the company Telegram signed an agreement, which obliges it to provide the SEC with all requested financial information until may 20.
Telegram agreed to provide the Commission on securities and exchange Commission (SEC) for more information about the sale of tokens Gram in 2018. This will include information about any agreements with the initial investors Telegram Open Network, and additional Bank information.
In addition, Telegram is committed to responding to any questions the SEC related to previously provided information. The company also needs to disclose all the offers made to investors in the course sale Gram.
The lawyer defending the interests of the Telegram, Alexander Drylewski, proposed a variant in which the Telegram will continue to work, in spite of the injunctions of some parts of the plan, and to implement the plan as a whole. He painted a picture in which the developers continue to work on applications and smart contracts, blockchain TON, a Gram is becoming the "new cryptocurrency to the mass market" as opposed to Ethereum or Bitcoin.
#TON #courts
Translated using Yandex.API
on 7 may, the company Telegram signed an agreement, which obliges it to provide the SEC with all requested financial information until may 20.
Telegram agreed to provide the Commission on securities and exchange Commission (SEC) for more information about the sale of tokens Gram in 2018. This will include information about any agreements with the initial investors Telegram Open Network, and additional Bank information.
In addition, Telegram is committed to responding to any questions the SEC related to previously provided information. The company also needs to disclose all the offers made to investors in the course sale Gram.
The lawyer defending the interests of the Telegram, Alexander Drylewski, proposed a variant in which the Telegram will continue to work, in spite of the injunctions of some parts of the plan, and to implement the plan as a whole. He painted a picture in which the developers continue to work on applications and smart contracts, blockchain TON, a Gram is becoming the "new cryptocurrency to the mass market" as opposed to Ethereum or Bitcoin.
#TON #courts
Translated using Yandex.API
the Telegram Lawyers withdrew an appeal against the ban on the sale of tokens in USA
Judge Kevin Castel seized of the securities Commission in March for an indefinite period forbade the company to sell Gram and pass tokens to those who bought them in 2018, according to the results of primary placement. The company's lawyers in late March challenged the ruling in the court of Appeals for the Second circuit of the United States.
In base of both ships received a notification, from which it follows that the "appeal withdrawn". The document States that this decision was taken by agreement of the parties. Other details are not given.
tass.ru/ekonomika/8549767
#courts
Translated using Yandex.API
Judge Kevin Castel seized of the securities Commission in March for an indefinite period forbade the company to sell Gram and pass tokens to those who bought them in 2018, according to the results of primary placement. The company's lawyers in late March challenged the ruling in the court of Appeals for the Second circuit of the United States.
In base of both ships received a notification, from which it follows that the "appeal withdrawn". The document States that this decision was taken by agreement of the parties. Other details are not given.
tass.ru/ekonomika/8549767
#courts
Translated using Yandex.API
👍1
SEC and Telegram have agreed to a settlement
This follows from a letter to SEC judge Kevin Castelo, who led the case. A copy of the letter from The Bell. Telegram undertook to abide by the conditions issued by the Commission.
The court ordered the Telegram to return $1.22 bln buyers of tokens Gram.
The company gathered during ICO $1.7 billion.
Telegram (in the face of their companies Telegram Inc. TON and Issuers) have pledged not to violate the securities Act from 1933 in those parts, which, in the opinion of the SEC, was violated during the ICO.
Within three years, the Telegram shall within 45 days notify the SEC prior to release of certain digital assets.
Telegram will pay the SEC a fine of $18.5 million.
#courts
Translated using Yandex.API
This follows from a letter to SEC judge Kevin Castelo, who led the case. A copy of the letter from The Bell. Telegram undertook to abide by the conditions issued by the Commission.
The court ordered the Telegram to return $1.22 bln buyers of tokens Gram.
The company gathered during ICO $1.7 billion.
Telegram (in the face of their companies Telegram Inc. TON and Issuers) have pledged not to violate the securities Act from 1933 in those parts, which, in the opinion of the SEC, was violated during the ICO.
Within three years, the Telegram shall within 45 days notify the SEC prior to release of certain digital assets.
Telegram will pay the SEC a fine of $18.5 million.
#courts
Translated using Yandex.API